'Non standard materials' could pose mortgage difficulties
Published On 6 January 2008
People looking to obtain mortgages should be warned that some lenders are wary of providing finances for unconventional properties, according to a financial advice firm.Lansdown Place has said that mortgage lenders are less keen on properties that could be difficult to sell should the borrower default on payments, such as listed buildings, and particularly those made of unusual materials or with a high protection rating.
Spokesperson Simon Harris added that currently green properties, such as those made of wood, could also experience difficulty getting a mortgage.
"The main issue with other unusual homes is durability, and this potentially applies to homes built with eco-friendly materials," he said.
"Properties built from other 'non standard materials' - for example, concrete, wood, steel framed et cetera - and, increasingly, standard properties in areas prone to flooding and subsidence (given recent events in Gloucestershire and Hull) are difficult, sometimes impossible to finance."
There are around 370,000 listed buildings currently protected in the UK, according to English Heritage.
